Not really having the total of capital…Bitboy Meetup… so with anything that you’re finding out about please do study the platform don’t simply assume because i utilize it that you can use it right now do some due diligence have a little play around with it even invest with virtual money they consider that option too so you really get used to the structure of the site and after that when you’re ready to utilize your own cash to invest you can do so now i will disclaim of course your capital is at threat this is investing we’re doing you’re investing in genuine companies if you select to in this specific video we’re speaking about how to copy other people’s investments with your money so certainly your capital is at danger and we have to bear that in mind do not simply do something because that individual has actually said they have actually made profit 14 months in a row buy these choices since you think is the best ones for you which being said let’s dive straight in [Music] so the important things we’re going to cover in this video is comprehending what is copy trading what are copy portfolios it belongs to social trading which is one aspect that is probably.
famous for it’s the alternative to see what other traders are doing amazing we don’t usually get that insight from a great deal of platforms and the other benefit is these copy portfolios are copy trading therefore that implies with our money we can really say i wish to do exactly what that trader is doing or match that specific portfolio of alternatives and generally whenever they make a trade they buy they sell whatever they do your cash will be simulated with it so that means if for example 10 of their financial investment portfolio is in tesla guess what you’ll now be investing 10 of your money in so we’re going to also cover is the costs included truly critical you understand what are the expenses of this now with any platform there will be some expense to undoubtedly these are real companies that are investing they’re doing the purchasing the selling for you there’s going to be charges included and even some of the absolutely no charge websites then may not charge you for really buying and selling etfs or funds individual commodities private stocks.
there’ll be costs on other parts maybe it’s our fx rate when you’re changing from uk to u.s dollars there’s all sort of fees associated so do your due diligence and i’m going to reveal you the fees with in particular in this video the next would be things to know before you actually start purchasing copy trading or copy portfolios and lastly some best guidance best practices if you are thinking of this as a tool whether you start your journey or your advanced investor so let’s begin with costs actually important to comprehend these now on there’s a couple of fees there isn’t costs to do with really buying and selling fine so commission fees are free nevertheless there are a number of other costs the first one is withdrawal fees so you can undoubtedly put money in now if you remain in the uk we put our uk cash.
and it’s immediately converted into us dollars and i’ll cover a little point about that later however when you wish to withdraw your cash so you offer your shares you sell your commodities whatever you’re offering the minimum quantity you can withdraw is thirty dollars back out and they do charge you five dollars per withdrawal so for me of course knowing that i’m going to ensure that i’m just withdrawing when i definitely need to now you might state alright that’s quite pricey and i get that but it’s all to do with how they run their platform they have to charge fees somewhere and withdrawal costs are just among those options that they have a lot of platforms certainly are free to do such things has this 5 dollar charge so in my eyes make your withdrawals largely it can be maybe even once a year as soon as every six months you understand depends completely how you’re investing however that is a charge to remember the 2nd charge that i have actually discussed is that conversion fee now with you’re handling us dollars just there’s not an alternative to buy in euros or uk which’s fine that suits me.
a great deal of my stocks are us dollar stocks anyhow or the etfs that i’m purchasing or perhaps some crypto so i’m great with that we have what’s called the fx currency conversion cost now when you utilize anybody so if you’re using trading 2 and 2 free trade anybody this is standard they have i expect stuck with whatever cost they charge for that conversion rate you kind of need to accept you understand if you wish to use their platform go from uk to us then that conversion fee exists what are they actually providing you in terms of your uk pounds to us dollars and all platforms are the same you can’t haggle with them you can’t go to the bank and state offer me us dollars rather you need to pay their costs now the excellent aspect of however when you have actually transformed your cash you do not have to invest it immediately that dollar worth can being in your portfolio as money dollars for as long as you like so that indicates the initial day that you buy or transform your dollars is the only charge that takes place now with copy trading and copy portfolios there aren’t any extra charges so that’s really great using that part of their site won’t certainly restrict you in any way nevertheless we need to know 2 other costs the first being what’s called spread costs fine and i’m going to show you what i mean on now a spread fee as i’m going to show you Bitboy Meetup.
You are offered numerous choices with this software application and you can configure it nevertheless you see fit. If you’re looking to start trading the forex market however do not understand which system to pick, then this might be exactly what you require.